Gross debt down $172 million sequentially; plan in place to further decrease leverage

“We continue to demonstrate strong execution on our strategic priorities to build a high-performance culture that delivers service excellence and innovative solutions to grow profitably. This disciplined focus is reflected in another strong quarter of financial performance and outlook,” said Jacobs Chairman and CEO Steve Demetriou. “Just one year since we announced the CH2M acquisition, our integration is tracking ahead of our plan and we are increasing our cost synergies target to $175 million from $150 million. Thanks to the hard work and commitment of our people, we are creating a differentiated professional services company, with a mission to deliver advanced solutions for a more connected, sustainable world.”

Kevin Berryman, Jacobs CFO, added, “Our third quarter results again demonstrated strong profitable growth, with double-digit increases in both revenue and operating profit versus last year. We also generated over $200 million in cash flow from operations and reduced gross debt to adjusted EBITDA to 1.9 times, a figure now within our long-term range, although we remain focused to further reduce gross debt over the next several months.” Berryman also cited higher earnings. “Given our strong performance year to date, we now expect fiscal 2018 adjusted earnings per share to be at the high end of our previous outlook of $4.00-$4.40.”